One of my biggest frustrations during meetings with potential clients is when they tell me they don’t have “much money” for marketing. Budgeting sufficiently for marketing is not an option. In fact, without a solid marketing plan and realistic budget – how are they supposed to grow? What’s even more frustrating is when I take a look at their 5300 report and see that they have plenty of capital to spend. No surprise that the credit unions that have the best earnings are typically the ones that spend money to grow.
When marketing dollars are strategically spent, they are extremely prudent investments and not an expense. I realize that many credit unions may not really understand how to invest in the right marketing. But, instead of getting the insight they need to spend money wisely, they just decide not to spend it at all. That’s a HUGE mistake.
I’ve asked a potential client on many occasions this question, “If you gave me $5,000 to spend on marketing, and I gave you back $20,000 in earnings from that spend, how many times would you give me $5,000?” Their answer is always the same, “I’d do it every day.” My point exactly!
Taking the time to build a great marketing plan is certainly worth the effort. A well-defined marketing plan should:
- Support and communicate the essence of your brand
- Increase targeted frequency with members and non-members
- Highlight the benefits of your products and services
- Deepen relationships with members
- Establish a clearly defined execution timeline
- Allocate the budget needed to accomplish your core marketing goals
I challenge every credit union to create a marketing plan and invest in marketing. It’s not an option if you want to grow. If you are looking for help creating a winning marketing plan talk to us or LEARN MORE NOW.